Swire sells part of Cathay Pacific stake for HK$1.8 billion to boost working capital

Conglomerate Swire Pacific has sold part of its stake in Hong Kong flag carrier Cathay Pacific Airways for HK$1.8 billion to raise working capital.In a rare move, the group revealed on Friday that it sold 153.05 million shares at HK$11.74 each the previous day. This marks a 9.6 per cent discount to the last traded price of HK$12.99 on Thursday.It marked the latest shareholder to reduce its stake in Cathay, following Air China’s sale in January for HK$1.32 billion.Doha-based carrier Qatar Airways previously sold its entire stake last November.In a Hong Kong stock exchange filing, Swire said it intended to use the proceeds from the sale for working capital. It noted that following the transaction, the company would hold about 45.12 per cent of Cathay’s shares.Swire’s sale is expected to generate a HK$365 million gain.